Given all of the excitement over Muppetgate – sparked by a public resignation letter in which a former Goldman Sachs employee accused his colleagues of treating its clients like muppets – it is surprising that the bank’s decision to create a group focused on clients has slipped under the media radar.

The "institutional client group" will sit within the securities division and co-ordinate client relationships across products and asset classes. It will be run by Valentino Carlotti, most recently the head of Goldman Sachs' Brazilian business and an experienced banker and salesman, reporting to the heads of equities and fixed-income sales.